KOTA KINABALU: PKR Central
Council member cum PKR Sabah secretary, Dr Roland Chia Ming Shen criticised
Petronas for its recent statement that an increase in 'royalty' payments to
states to 20 percent from current five percent will undermine its RM170 billion
planned projects over the next five years and private sector investment in the
oil and gas sector.
The oil producing states
involved are Sabah, Sarawak, Kelantan and Terengganu.
According to Dr Chia,
Petronas which has a total asset of more than RM500 billion is playing dumb
over the fact that the stakeholders of the oil and gas in Malaysia are the
rakyat of the country especially Sabahans, Sarawakians, Kelantanese and the
people of Terengganu.
So it is imperative for
Petronas to fulfil her corporate social responsibility (CSR) to return back
tangible development to the states by increasing the oil royalty.
For example Sabah, the
estimated 20% oil royalty excluding gas for 2013 will only be RM3.2 billion,
that is only less than 1% of Petronas’ total asset of RM500 Billion.
“If Petronas can spend
building expensive private hospital like Prince Courts Medical Centre in Kuala
Lumpur, costing more than RM500 million, building and financing Malaysia F-1
Circuits in Sepang to the tune of hundreds of millions to feed the taste and
lifestyle of the rich and famous, then something is not right with her priority
in its CSR to its stakeholders.
“The inability of Petronas
Board of Directors to commit to increase oil royalty reflects its failure of
managing the company.
“If they are unable, then it
will be wise for them to resign and allow Pakatan Rakyat leaders to take over
the management and fulfil what has been offered by Pakatan Rakyat in the Buku
Jingga –Manifesto of 20% hike in oil royalty to oil producing states,” Dr Chia
said .
He added: “To add insult to
injury, there is no Sabahan sitting in the highest decision making board of
directors, and
that is an insult for Sabah
which is one of the biggest contributors to oil and gas to Petronas’ coffers.
“Give it to Pakatan Rakyat –
and we will show you how to increase profitability and at the same time giving
20% oil royalty back to Sabah,Sarawak, Kelantan & Terengganu,” Dr Chia
said. (BP)
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